PR Newswire
NEW YORK, Nov. 9, 2020
NEW YORK
,
Nov. 9, 2020
/PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) between
February 13, 2020
and
September 4, 2020
(the “Class Period”). The lawsuit filed in
the United States
District Court for the District of
New Jersey
alleges violations of the Securities Exchange Act of 1934.
If you
purchased Aurora securities, and/or would like to discuss your legal rights and options
please visit
ACB Shareholder Lawsuit
or contact
Joseph R. Seidman, Jr.
toll free at
(877) 779-1414
or
[email protected]
.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Aurora had significantly overpaid for previous acquisitions and experienced degradation in certain assets, including its production facilities and inventory; (ii) the Company’s purported “business transformation plan” and cost reset failed to mitigate the foregoing issues; (iii) accordingly, it was foreseeable that the Company would record significant goodwill and asset impairment charges; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On
September 8, 2020
, Aurora issued a press release “announc[ing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results.” Among other things, Aurora announced that the Company expected to record up to
$1.8 billion
in goodwill impairment charges in the fourth quarter of 2020. The Company also announced that “previously announced fixed asset impairment charges [were] now expected to be up to
$90 million
, due to production facility rationalization, and a charge of approximately
$140 million
in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.” On this news, Aurora’s stock price fell
$0.99
per share, or 11.63% to close at
$7.52
per share on
September 8, 2020
.
If you wish to serve as lead plaintiff, you must move the Court no later than December 1, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you
purchased Aurora securities, and/or would like to discuss your legal rights and options
please visit
or contact
Joseph R. Seidman, Jr.
toll free at
(877) 779-1414
or
[email protected]
..
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion
for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to
The National Law Journal’s
“Plaintiffs’ Hot List” thirteen times and listed in
The Legal 500
for ten consecutive years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street,
New York, New York
10016, (212) 779-1414. The lawyer responsible for this advertisement in the
State of Connecticut
is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
(877) 779-1414
[email protected]
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SOURCE Bernstein Liebhard LLP
